YOUR GUIDE TO FINDING THE BEST PROPERTY IN LUCKNOW

Lucknow, the city of Nawabs as it is popularly and rightly known, has been the epitome of culture, age-old charm and tradition throughout history.  While we may still feel the warmth and the old essence in Lucknow, the transformation in terms of infrastructural development that the city has undergone is awestriking. Through these developments, Lucknow has emerged as the hotspot of some of the best real estate housing projects, also making it an ideal investment for buying property in Lucknow today. But every place comes with its set of idiosyncrasies. 

While buying a property in Lucknow may sound daunting at first, the city’s arena for profitable investments is an open one. Despite the city being drenched in its regional identity, it has plunged into the cosmopolitan culture and taken its infrastructural progress ahead, full throttle. Being in the Tier II category has propelled Lucknow to stay unaffected by the real estate fluctuations and emerge as the ‘Shahenshah’ of property buying. 

Lucknow is a city for end-user buyers who see their life long term with great locations and amenities, top class educational institutions. Their need to step out of the city is less, and with the pace at which the city is witnessing development, infrastructurally and socially, Lucknow’s impact on the real estate sector will be huge. 

So, if a lucrative investment is on your mind, Lucknow is the hot iron that must be hit at the right time. But before you venture into buying a property in Lucknow, there are a few imperative aspects to be taken into consideration. 

Why Do You Need To Buy A Property? 

The range of properties in Lucknow is so varied that asking this question is probably what will help you understand a few important factors about buying a property. Are you looking to buy for investment purposes? Will you stay in the property or give it on rent? Do consider that the return on rent is normally more profitable than a home loan. 

How soon would you want to move into your own property? This will give you an insight into whether you should look for a ready-to-move property or one under construction. 

Apart from these considerations, you must be clear about the specification of the property. Do you need a  1BHK, 2 BHK, 3 BHK, or above? Now, this will completely depend upon the family size and your lifestyle. 

Then comes the biggest question. How much can I spend? Your budget, future plans and other investment returns will help you zero in on that, which will further give you an insight into whether the location and the prices there are within your budget or not. All these factors will steer you to the right property and the right developer to cut the deal with.

How Much Does Your Budget Allow?

Evaluate all the liabilities you have financially to finalise your budget and whether you would be able to afford the EMI that will be going out. The budget can make or break the deal. So, it is advisable to not go beyond the budget you have decided in the run for plush areas and amenities as maintaining them will have you shelling out way more. 

a. Is The Builder A Reputed One?

We cannot say it enough- research, research, research. A builder’s profile and success rate and timely delivery rate can prove to be more helpful than you can imagine. Hence, before buying the property, surf online about the developer’s previous projects, their website and if possible, visit some of the properties developed by them for a first hand opinion from the residents. 

Rishita Developers Pvt. Ltd is one of the most trusted and premium Real Estate Builders in Lucknow, standing synonymous with global lifestyle and higher living standards. They have had some of the most coveted properties to their name such as Celebrity Greens, premium 2 BHK & 3 BHK high-rise apartments and Mulberry Villas, luxurious 4 BHK Villas in Lucknow, and their most recent ones - Manhattan and Serenity. Keeping the amenities, connectivity, prime locations and world class quality at the helm, you can’t go wrong with Rishita developed properties. 

b. Is the per sq ft area the Same as the carpet area?

Most floor plans and specifications are written as per square foot. This usually includes the shafts, elevator space, staircase, thickness of the wall and even the cost of the lobby, to attract buyers. The actual built area or the carpet area is 30 % less than the square foot area mentioned. So, for an exact area, check the dimensions of the rooms individually. 

c. Does the location suit your needs?

When buying a property, the one thing that increases or decreases its market value is its location! Remember that you are not just paying for the structure and amenities within the residential complex, but a lot of it for the surrounding experience that comes with it.  The neighborhoods surrounding it, the roadways, the view from the apartment, and the distance from the city centre are very pertinent considerations to think over. Some of the most coveted areas include Sultanpur Road, Gomti Nagar Extension and Hazratganj. 

d. Is the area well-connected?

Lucknow, being the heart of Uttar Pradesh, is linked to five crucial highways that connect it to most metropolitan cities around-  Lucknow-Kanpur Road, Lucknow-Raebareli Road, Lucknow-Faizabad Road, Lucknow-Sultanpur Road, and Lucknow-Dewa Road. The areas surrounding the highways have seen rapid and phenomenal residential real estate growth, leading to these sites being touted as lucrative properties to invest in as they offer the benefit of access, water and electricity, schools, hospitals, universities and shopping centres. Picking a property around these areas can have you living in luxury, and being able to afford it too!

e. Rental & resale value of the property

Whether you are buying a property in Lucknow for investment purposes or you are an end-use buyer, and whether you buy an apartment, an independent house or a villa,  the rental and resale value of the property is a very important factor. A property that can get you good returns in the future, is one that can secure your future. This depends upon the location, connectivity, amenities and the social infrastructure of the locality and its surrounding areas. 

What infrastructure does the area offer?

Infrastructure drives the value of a property. World class constructions and amenities are driving buyers in hoards to the city. 

Both sides of Amar Shaheed Path are seeing new-age constructions. The area is strategic as it connects the airport to the city, and gives buyers the advantage of almost 30% cut as compared to the city centre. 

Lucknow metro, an upcoming Indian Institute of Technology, NRI centric initiatives, an IT city, and plans on Lucknow-Agra expressway have been attracting buyers from other cities as well. Though these developments may take time, foresight says it will certainly benefit in the long run.

What do the fine prints say?

Last, but definitely not the least, reading the fine print of the purchase agreement carefully. Understanding the clauses, penalties, GST, home loan processing charges, property registration process and registration fees, the delivery date and hidden charges will keep you in safe and good stead. Only once you have thoroughly read the fine print and verified all terms and conditions, should you sign the agreement. 

Once you find a property that suits your needs, the next and most imperative thing you must do is, register the property, whether it is an apartment, a house, a floor, a villa or an office building.  Legally, sale of a piece of land is not considered as valid till the purchase is not legally stamped and registered. An unregistered property does not have any validity legally.

Where should you invest in a property in Lucknow?

With well-established developers building world-class residential projects in Lucknow and the city emerging as a residential and commercial hub, potential home buyers are spoilt for choice. 

Here are the best places to buy a property in Lucknow. 

a. Lucknow IT Corridor

Lucknow IT corridor is the stretch between the Faizabad Road and Sultanpur Road, and no points for guessing why this corridor is one of the most preferred locations among real estate investors and builders. The stretch touches some prime areas of the city which include Indira Nagar, Shivaji Puram, Gomti Nagar, Gomti Nagar Extension, Sultanpur Road, Faizabad Road and Shaheed Path.

Excellent connectivity, a well-endowed social infrastructure, immaculate planning and convenience of basic amenities within close proximity and within the fence of the corridor, make the area a lucrative investment hub.

b. The Lucknow Airport Corridor 

The Lucknow Airport Corridor is located in the south of Lucknow and is considered one of the significant real estate segments in the city. The corridor covers some prominent locations such as Kanpur Road, Amausi, Sadrauna, Nilmatha, New Jail Road and Raibareli Road. 

The Chaudhary Charan Singh International Airport also falls within the stretch. This is the primary reason behind this area’s real estate seeing rapid growth and being touted as a worthwhile and fruitful real estate investment nerve centre. 

c. Gomti Nagar & Gomti Nagar Extension 

What makes buying a property in Gomti Nagar a coveted purchase is the fact that Lucknow Metro connectivity here extends seamless travel to other parts of the city.  If you are thinking of buying a property in Gomti Nagar Extension or Gomti Nagar, it would certainly give you the highest return as the locality’s realty is growing at the rate of 118%. In the recent years, Gomti nagar has seen many new and modern residential projects, which makes it an ideal place to buy a house in. It boats of Software Technology Park, Passport Office, High Court and other government offices, as well as commercial centers and a robust social infratstructure. Investment can be made around Vibhuti Khand Vicinity.

d. Hazratganj

One of the oldest and the most well-known areas of Lucknow, Hazratganj holds the charm of old Lucknow with its heritage bazaars, theatres and restaurants. Considered a major industrial area, Hazratganj houses markets, bazaars, showrooms, shopping complexes, theatres, malls,  and educational institutions that stand as testimony to the awe-striking colonial architecture. 

e. Hasanganj

Hasanganj is an upcoming commercial and residential hub in the city of Lucknow, with good connectivity. Its periphery is surrounded by Balmiki Nagar, Rajiv Nagar, New Hyderabad and Nirala Nagar and Vivekanand Puri Hydel Colony and is also in close proximity to some prime areas of Lucknow such as Kutubpur, Purana Haidarabad, Mukarimnagar, Nirala Nagar, and Vivekanandapuri.

f. Charbagh

The locality also offers ultra-modern facilities with new residential projects coming up, extending a global lifestyle to the residents. Charbagh blends both- the heritage side, seen in the old marketplaces and structures and the contemporary, seen in the new property developments, together, meeting all the benchmarks of an ideal place to invest in. 

g. Sultanpur Road

The road around Amar Shaheed Path is the main connecting road from Lucknow to Varanasi. The stretch is witnessing some major developments such as construction of Purvanchal Express, an 8 lane highway, IT & BPO establishments in Vibhuti Khand, and the upcoming Science city and the 100 acre campus by HCL on Sultanpur road, and there are many such Government and residential projects.

A home is the most valuable and the most yearned for asset we work to invest in. And so, it becomes that much more imperative to take your time and have the above mentioned checklist handy to have the property of your dreams. Lucknow’s unique convergence of heritage and modernity is what real estate here stands apart, leaving home buyers spoilt not just for the choice of homes, but also for the cost of living at prices you pick!